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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery added $3.87 to $94.77 on the New York Merc, while Brent for May added $6.27 to $98.96 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.30 to WTI, down from a discount of $17.30. Natural gas for April lost six cents to $3.12. The TSX energy index added 1.46 points to close at 378.65.

Oil prices lurched into a week for the history books. Brent spiked toward $120 (U.S.) in early trading, its highest since 2022, as the escalating U.S.-Israel-Iran war spurred fears of prolonged disruptions to shipments through the Strait of Hormuz. Several regional producers have announced production cuts and force majeures as they grapple with damaged facilities and fragmented logistics. As global stock markets skidded on concerns that the supply squeeze will cause stagflation, G7 nations said today that they stand ready to take "necessary measures" to support global supplies -- possibly by releasing strategic reserves -- prompting Brent to ease back into double digits, if only barely.

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